UK Adds Sibur to Sanctions List on November 12, Imposes Multiple Restrictions
Key Facts
Britain added Sibur Holding to its sanctions list on November 12, 2026, targeting a Russian company with stakes in two major petrochemical projects in Kazakhstan. The notice includes an asset freeze, restrictions on trust services, director disqualification and transport restrictions linked to designated ships and aircraft. The British government justified the listing by citing the company’s links to Russia’s strategically important energy sector and its suspicion that the company supported or benefited from the Russian government. The measures subject the company to direct restrictions under the British sanctions regime. Their impact on its Kazakh projects depends on how the rules apply to each company and its ownership and control arrangements.
Oil and gas expert Oleg Chervinsky said in comments reported by Kursiv that the restrictions could complicate dealings with international banks and foreign entities, but do not mean the Kazakh projects will automatically stop. He warned that the listing could send a negative signal to banks, insurance companies, logistics services and licensing suppliers. These entities could face additional compliance and settlement complications when working with joint ventures linked to Sibur. This means the potential impact could be transmitted through the financial and operational services on which the projects rely. But these risks do not in themselves establish that any project has halted operations or that its assets have been frozen.
Sibur holds a 30% stake in the Silleno polyethylene project, alongside equivalent stakes held by KazMunayGas and China’s Sinopec, while KMG PetroChem holds 10.1%. The distribution reflects the project’s multiple partners, but does not by itself determine whether the restrictions will apply to the joint venture. According to Kursiv, British restrictions do not automatically extend to Kazakhstan, the European Union or the United States. British sanctions rules define their scope in relation to people and companies operating in Britain, as well as British citizens and companies wherever they are. The assessment of the listing’s impact on Silleno therefore remains tied to actual control rights, not simply to Sibur having a stake.
Silleno remains under construction, with work 40.9% complete as of October 30, 2026, according to data from the Atyrau Region administration reported by Kursiv. This stage gives practical significance to any potential difficulties in dealing with banks, insurance companies, or equipment and licensing suppliers. However, the completion rate does not prove that sanctions have disrupted construction, and a warning about more complicated dealings is not an announcement that the project has stopped. Determining whether the restrictions apply requires examining the rights to appoint a majority of the board or the actual ability to direct the company’s decisions. The project’s status therefore depends on the details of ownership and control and on how foreign parties deal with it.
Silleno’s status differs from that of the KPI plant, which began operating in November 2022 and produces polypropylene. Its maximum annual production capacity is 500,000 tonnes, while it produced 377,000 tonnes in 2025, according to data cited by Kursiv. These figures highlight that Sibur’s exposure includes one operating project and another still under construction, without implying that both are automatically subject to a freeze. In the broader British notice, the November 12 update added 20 new entities or listings and made one change to the list, according to the sanctions notice. Britain said that, as part of its broader measures, it had targeted Russia’s 10 largest oil producers, while Prime Minister Andy Burnham said the aim was to pressure Russian oil revenues and bring the war to an end.